财务管理题目,求解答。 财务管理的题,求解答
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80000*(P/A,10%,20)=80000/10%*(1-(1+10%\uff09^(-20))=681085.10\u7f8e\u5143
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681085.10*\uff08A/P,10%,16)=681085.10*10%/(1-(1+10%\uff09^(-16))=87054.00\u7f8e\u5143
b\u3001\u5e94\u5b58\u5165\u7684\u94b1\u4e3a
681085.10*\uff08P/F,10%,16)=681085.10/((1+10%\uff09^(16))=148223.96\u7f8e\u5143
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5000*\uff08F/A,10%,16)=5000/10%*(1-(1+10%\uff09^(-16))*(1+10%)^16=179758.65\u7f8e\u5143
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50000*(\uff081+10%\uff09^11)=142655.84\u7f8e\u5143
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681085.10-179758.65-142655.84=358670.6\u7f8e\u5143
\u56e0\u6b64\uff0c\u6bcf\u5e74\u5e94\u5b58\u5165\u7684\u94b1\u4e3a
358670.6*\uff08A/P,10%,16)=358670.6*10%/(1-(1+10%\uff09^(-16))=45844.06\u7f8e\u5143
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等式左边是甲方案,右边是乙方案
(EBIT-20-36)x(1-40%)/ (5+2) = (EBIT-20-36-26)x (1-40%) /5
在此计算步骤省略,EBIT=147万元
将该结果代入无差别点的每股收益的计算公式,可得:
EPS1=EPS2=7.8元
其次,计算增资后的每股收益:
甲方案=(120-20-36)x(1-40%) / (5+2) = 5.49元
乙方案=(120-20-36-26)x(1-40%)/ 5=4.56元
由此可知,发行股票的每个股收益5.49元较发行债券的每股收益4.56元高,所以应选择发行股票的增资方案。
第一道题,是一个已知年值求终值的题。先折现到5年年初,再折现到5年年末
1000(F/A,10%,5)(F/P,10%,1)
=1,000×(1+0.1)^(5)÷0.1÷(1+0.1)
=14641
绛旓細1銆侊紙1锛夋渶浼樿璐ф壒閲廞*=鏍瑰彿锛2*3600*25/2锛=300 鏈浣宠璐ф鏁3600/300=12 瀛樿揣鎬绘垚鏈琓C=鏍瑰彿锛2*3600*25*2锛=600 缁忔祹璁㈣揣鎵归噺鍗犵敤璧勯噾W=300*10/2=1500 锛2锛夋渶浼樿璐ф壒閲廞*=鏍瑰彿锛2*3600*25/2*30/锛30-10锛夛級=367.42 璁㈣揣涓嬬殑鎬绘垚鏈琓C=鏍瑰彿锛2*3600*25*2*(1-10/30))=489...
绛旓細鏂规A:姣忓勾鐨勭幇閲戞祦閲忕幇鍊间箣鍜= 姣忓勾鐨勭幇閲戞祦閲 * 锛圥/A锛12%锛8锛= 27500 *4.967 =136592.5鍏 姣忓勾鐨勭幇閲戞祦閲忕幇鍊间箣鍜- 鍒濆鎶曡祫 = 136592.5-125000 =11592.50鍏 鏂规B:姣忓勾鐨勭幇閲戞祦閲忕幇鍊间箣鍜= 姣忓勾鐨勭幇閲戞祦閲 * 锛圥/A锛12%锛10锛= 32500 *5.65 =183625鍏 姣忓勾鐨勭幇閲戞祦閲忕幇鍊间箣...
绛旓細1銆佹牴鎹祫鏈祫浜у畾浠锋ā鍨嬬殑鍏紡浠e叆鍚勮偂绁ㄧ殑璐濆绯绘暟 A锛8%+0.8X锛14%-8%锛=12.8 B锛8%+1.0X锛14%-8%锛=14 C锛8%+1.4X锛14%-8%锛=16.4 D锛8%+1.5X锛14%-8%锛=17 E锛8%+1.7X锛14%-8%锛=18.2 2銆佺粍鍚堣礉濉旂郴鏁 0.8X10%+1.0X20%+1.4X20%+1.5X30%+1.7X20%=...
绛旓細2銆瑙g瓟锛氳创鐜版硶绛硅祫璧勯噾鎴愭湰=100/900*100%=11.11 澧炲姞搴斾粯娆剧闆 鍒欐斁寮冪幇閲戞姌鎵g殑鎴愭湰=鎶樻墸鐧惧垎姣/(1-鎶樻墸鐧惧垎姣)*360/(淇$敤鏈-鎶樻墸鏈)=1%/(1-1%)*360/(50-10)=9.09 瑙f瀽锛氳创鐜版硶鏄摱琛屽彂鏀捐捶娆炬椂鎸夌収鍚嶄箟鍒╃巼璁$畻鐨勫埄鎭厛浠庢湰閲戜腑鎵i櫎锛屽棰樺垯瑕佹墸闄100涓囩殑鍒╂伅锛屼紒涓氬疄璁$璧900涓囧厓锛...
绛旓細锛1锛 鎸夐噾棰濊绠楋細鐩堜簭骞宠 鐐=鍥哄畾鎴愭湰/锛1-鍙樺姩鎴愭湰/閿鍞敹鍏ワ級=鍥哄畾鎴愭湰/璐$尞姣涚巼 璇ユ湀搴︿繚鏈偣涓氬姟閲=15000/(400-300)=150(浠)锛2锛夊叕寮忥細閿鍞噺脳锛堝崟浠-鍗曚綅鍙樺姩鎴愭湰锛-鍥哄畾鎴愭湰=鍑鍒╂鼎 璇ュ叕鍙搁攢鍞=锛堝噣鍒╂鼎+鍥哄畾鎴愭湰锛/锛堝崟浠-鍗曚綅鍙樺姩鎴愭湰锛=(50000+15000)/(400-300)=650 ...
绛旓細1.鏈浣崇幇閲戞寔鏈夐噺=鏍瑰彿涓.2*100*100/8%=500涓囧厓 2.鏈浣崇幇閲戞寔鏈夐噺=鏍瑰彿涓 2*300000*600/10%=60000鍏 杞崲鎴愭湰=300000/60000*600=3000 3.鏈浣崇幇閲戞寔鏈夐噺=鏍瑰彿涓 8400*150*2/7%=6000
绛旓細涓閬璐㈠姟绠$悊鐨勯 寰堟ワ紒 涓汉璁や负鎬昏祫浜у懆杞巼涓嬮檷鏄敱浜庝袱鏂归潰鍘熷洜寮曡捣鐨勪竴鏄敱浜庤惀涓氭敹鍏ョ殑涓嬮檷锛屼簩鏄洜涓烘昏祫浜х殑澧炲姞 鍔犳ワ紒姹傚ぇ绁瑙g瓟涓閬撴湁鍏宠储鍔$鐞嗙殑棰樸 鎬ワ紒 鏌愮汉缁囧巶 鎶曡祫鍥炴敹鏈=30000/(6000*(6-4)-8000)=7.5骞 骞冲潎鎶ラ叕鐜=(6000*(6-4)-8000)/30000=13.33% 鍥犱负璁惧浣跨敤...
绛旓細1銆侀浂鎭哄埜闈㈠=100*锛圥/F锛4%锛5锛=82.19鍏 闆舵伅鍊哄埜鏄繁搴︽姌鎵e哄埜锛屼互浣庝簬闈㈠肩殑璐寸幇鏂瑰紡鍙戣锛屽彂琛屾柟寮忎负鎶樹环鍙戣銆2銆佸哄埜璧勬湰鎴愭湰=4%*锛1-20%锛=3.2%銆傚洜鍊哄埜鍒╂伅鎴愭湰鍙互鎶电◣锛屾墍浠ュ哄埜璧勬湰鎴愭湰涓烘墸闄ゆ墍寰楃◣鍚庢垚鏈
绛旓細1 缁忔祹閲囪喘鎵归噺=鏍瑰彿涓嬶紙3600*8000*2/90锛=800 鏈浣宠祫閲戝崰鐢ㄩ=800/2*3000=1200000 鏈灏忕浉鍏虫绘垚鏈=3600*3000+鏍瑰彿涓嬶紙3600*8000*2*90锛= 10872000 2 鍛ㄨ浆璧勬暟=8000/600=13.33 鍏ㄥ勾璁㈣揣鎴愭湰=14*8000=112000 鍏ㄥ勾鍌ㄥ瓨鎴愭湰=600/2*90=27000 ...
绛旓細3.绛旀锛氶攢鍞噣鍒╃巼 = 800脳锛1-25%锛壝10000=6 璧勪骇鍛ㄨ浆鐜 = 10000梅2560=3.91 骞存湯璧勪骇璐熷虹巼 = 1280梅2560=50 鏉冪泭涔樻暟 = 1梅锛1锛50%锛=2 鍑璧勪骇鏀剁泭鐜 = 6%脳3.91脳2=46.92 4.绛旀锛氶攢鍞噣鍒╃巼 = (120梅3600)脳 100% 鈮 3.33 2014骞存墍鏈夎呮潈鐩 = 120梅14%=857.14(...